Rip-offs in fake shops, data theft or bullying: cyber criminals can cause great damage. Insurance promises protection. Do they really make sense? This is what you need to know.
There are many dangers lurking on the Internet. There is bullying, hacker attacks, theft of account details or rip-offs via fake shops. This means a lot of trouble for those affected – and can also cause great financial damage. Special cyber insurance promises support if you have become a victim of criminal activities on the Internet.
What exactly do cyber insurance policies cover?
There is a wide spectrum here. One use case is, for example, Online shopping fraud: If you have fallen victim to fraudsters and do not receive your goods, the insurance will pay for the damage.
Be careful when shopping online
The same applies to the theft of data and money, for example via Phishing: If private account data is stolen and criminals plunder the bank account, the insurance will also cover the damage.
Another case is Identity theft: Many insurers use special software to check whether the insured person’s personal data is circulating online – and then ensure that it is deleted. If financial damage is caused by identity theft, this is compensated. In many cases, the insurance also covers the costs of new bank cards and identity cards.
Also through Cyber-Mobbing Damage can be caused to those affected – i.e. when someone is exposed on the Internet. Some insurance companies cover legal and court costs and often psychological counseling as well.
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What do consumers need to pay attention to when it comes to cyber insurance?
One catch is that no insurance covers everything. So you have to be clear about what is important to you specifically – and then look for a corresponding tariff. A second catch is that the coverage amounts are sometimes low. Such insurance is particularly interesting if you were careful, perhaps fell for a fake, supposedly bank email and then your account was plundered. This can cause high losses and the hope would be that an insurance policy would cover all the damage.
In fact, the reimbursements are capped, sometimes at 15,000 euros, but sometimes at 3,000 euros. This is often too little – the resulting damage is often higher. Some points that interested parties can consider can also be found on the Internet pages of consumer advice centres.
Do private individuals need insurance against cybercrime?
Such insurance is not necessary. There are many things you can do to avoid falling victim to online fraud. This includes, for example, installing virus scanners, regularly performing security updates on all devices and never sharing your online banking login details. Phishing emails can often be identified by the URL.
At the Online-Shopping We recommend that you only shop on well-known websites and make sure that you pay within the portal. In this case, buyer protection usually applies. This minimizes many risks.
The Federal Office for Information Security also provides tips on how to recognize attempted fraud on the Internet on its website, along with information on how to protect yourself.
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In addition, other insurance policies also apply to some risks. For example, if you have legal protection insurance, it may also pay the court costs in the event of cyberbullying. Home contents insurance may cover damage caused by online banking. So before you take out a new cyber insurance policy, it makes sense to check: what protection do I actually need – and is the case perhaps already covered by another insurance policy.
